With a later Thanksgiving, the holiday shopping season runs just 27 days, the shortest stretch between Thanksgiving and Christmas since 2002.
Several of the nation’s largest retailers plan to be open on Thanksgiving Day, and a majority of Affluent investors surveyed by Spectrem’s Millionaire Corner think they are turkeys.
On a scale on which 0 equals a negative attitude toward Thanksgiving Day shopping hours and 100 equals a positive view, Affluent respondents rank at 32.12.
Macy's, Kohl's, Target, Best Buy, Toys R Us, Kmart, Walmart, Sears and JC Penney are among the retailers to announce Thanksgiving Day shopping hours. While retailers in recent years have opened their doors Thanksgiving night, this year they are getting an even bigger jump on the vital holiday shopping season, which can account for up to 40 percent of annual sales. Walmart, as it has for more than two decades, will be open 24 hours except on Christmas, but it is moving up its Black Friday sales from 8 p.m. to 6 p.m.
Macy’s, JC Penney and Kohl’s will be open on Thanksgiving for the first time.
The calendar, in large part, is driving this year’s so-called Christmas creep. With a later Thanksgiving, the holiday shopping season runs just 27 days, the shortest stretch between Thanksgiving and Christmas since 2002, according to the National Retail Federation. Retailers, too, are nervous about consumer confidence, which fell in November to a two-year low as reported by the Thomson Reuters/University of Michigan Consumer Sentiment Index. Consumer spending accounts for 70 percent of the economy.
The NRF forecasts that nearly one in four people will shop on Thanksgiving and that American consumers will spend 2 percent less this year.
A significant majority of Affluent respondents to the Millionaire Corner survey take a dim view of retailers who will be open on Thanksgiving. The highest percentage (86 percent) said they do not like to see employees have to work on Thanksgiving, while 82 percent said they do not like to see Thanksgiving turned into a commercial event.
Half said they prefer family and friends to spend time together on Thanksgiving Day rather than out at the stores. More than one-third said they like to take advantage of holiday sales, but do not like to shop on Thanksgiving. Just 16 percent said they were too busy on Thanksgiving to take advantage of shopping opportunities.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.